Korean shipbuilders set to rebound from deep trough

GMT
03:01 2014
Saturday ,06
September

Korean shipbuilders

Washington - Yonhap

South Korea's major shipbuilders, hit by worse-than-expected earnings and declining orders, have been trending lower over the past month, but their stock prices are likely to rebound from a deep trough on hopes that their earnings may improve down the road, analysts said Friday.
Hyundai Heavy Industries Co., the world's largest shipbuilder, shocked investors by reporting an operating loss of 1.1 trillion won (US$1.07 billion) during the April-June period, from an operating loss of 189 billion won the previous quarter, as it set aside massive provisions against possible losses from ongoing projects and a stronger won undercut its earnings.